MIFF moves to the Block Arcade

The Cohen family has secured the ­Melbourne International Film Festival as an office tenant in the Block Arcade on Collins Street. It’s the family’s first major leasing deal since acquiring the building in April.

MIFF has taken up all 300 square metres of level three above the shopping gallery on a five-year term. The remaining office floors are all tenanted.

Level three was advertised with a gross rent of $360 per square metre. It is understood the lease agreement included five months’ rent free, which equates to a low incentive of 10 per cent compared with incentives as high as 35 per cent in some office blocks in the city.

The MIFF will relocate from a smaller office space at 225 Bourke Street.

The lease agreement was negotiated by Milly Stockdale and Scott McGlone from CBRE and Tom Ryan from Allard Shelton. Ms Stockdale said the MIFF wanted to be centrally located and in a ­historic and iconic building which complemented its branding and profile.

The lease was signed within a week of the first inspection. “This highlights the strong demand for high-quality fitted office space in character buildings," she said. The festival, which ends on August 17, is one of the oldest and biggest in the world, attracting 700,000 to its three-week program of film and events.